The Federal Government, via its newly created Nigerian Consumer Credit Corporation (CrediCorp), in partnership with Sytiamo Technologies, has unveiled a bold initiative to empower 10,000 market women across 224 markets nationwide. This pioneering scheme began in Aba’s prominent Ariaria Market. Its aim: to deliver up to ₦100,000 in low-interest, flexible credit to women operating in Nigeria’s informal economy. The programme reflects a strategic push to both accelerate economic growth and amplify social inclusion, reinforcing the critical role of women traders in local commerce.

Why This Matters Now

Market women contribute significantly to food supply chains and grassroots business across Nigeria. Historically, small traders like them have faced difficulties accessing formal financing, often relying on high-cost, informal lending. By cutting interest rates in half, this scheme offers a lifeline—supporting inventory stocking and business growth without trapping borrowers in debt.

The programme aligns with broader financial inclusion efforts, such as the Government Enterprise and Empowerment Program (GEEP) launched in 2015. GEEP reached over a million women through micro-loans, reinforcing the view that accessible credit drives poverty reduction and economic resilience sytiamo.com+3ng.linkedin.com+3npowerdg.com+3en.wikipedia.org.

How the Scheme Works

1. Choose a Financial Institution
   Interested traders explore credit options by visiting www.credicorp.ng and picking from a list of participating financial institutions tailored to their needs.

2. Submit Application
   After choosing their preferred bank or microfinance provider, applicants complete and submit loan forms.

3. Receive Funds
   Upon approval, funds of up to ₦100,000 are disbursed promptly, with beneficiaries benefiting from a 50% cut in interest rates.

Sytiamo’s model, based on group lending and agent-managed clusters in markets, has proven effective: it has disbursed between ₦20,000 and ₦100,000 per client with a ˝5% monthly flat interest rate. Its scalable digital system has already reached more than 15,000 women across 210 markets in 28 states en.wikipedia.org+8sytiamo.com+8credicorp.ng+8credicorp.ng.

Participating Institutions & Application Details

Here are the banks and microfinance providers facilitating the scheme, along with application instructions:

• Credit Direct

• Offers “Buy Now, Pay Later” and personal loans to civil servants.

• Repayments can stretch to 24 months.

• Disbursement happens in as little as 15 minutes.

• Apply via mobile (*5120#), WhatsApp (+234 907 030 9430), or online portal.

• Accion Microfinance Bank

• Serves a broad audience, including market women and entrepreneurs.

• Applications accepted at any branch, via toll-free line (+234 700 022 2466), or AccionMonie app.

• Noted for its wide geographic outreach and easy application process fintechmagazine.africa.

• Letshego Microfinance Bank

• Tailors loans for teachers and renewable-energy projects.

• Market women can visit branches or call +234 905 391 1450 for assistance.

• Abbey Mortgage Bank

• Provides loans for home improvement, education, and renewable energy.

• Applications via online portal or phone line (02012271695).

• Fewchore Finance Company

• Offers app-based loan applications with up to 24-month repayments.

• Ideal for tech-savvy users; disburses loans in roughly 15 minutes.

• Autochek (with VFD MFB)

• Enables vehicle finance for business logistics—up to 36 months tenure for used vehicles, 6 months for new.

• Applications processed within 24–48 hours via mobile apps.

• Fast Credit Finance

• Supports personal, BNPL, and renewable energy loans via mobile app or website.

• Typically processes approvals within 24 hours.

• Page Financials

• Offers BNPL, personal, and energy financing in up to 24 months.

• Turnaround within 48 hours; public and private sector staff can apply via designated portals, or by visiting branches.

• Optimus Bank

• Extends personal and energy loans via mobile or branch networks.

• Loans disbursed within 48 hours.

• Wema Bank (ALAT)

• Provides renewable-energy and personal loans repayable over 12 months.

• Applicants can use the ALAT app or web portal for fast access.

• Ecobank Nigeria

• Offers personal loans and asset financing via BNPL plans up to 48 months.

• Disburses funds directly to vendors after credit checks, ideal for business stock or equipment purchases.

Expanding Nigeria’s Financial Inclusion Agenda

This initiative builds on prior government efforts like Project S.C.A.L.E, launched in late 2024, which offered credit for locally produced goods—emphasizing home improvement, clean energy, and mobility. It follows auto-financing programmes under CrediCorp that aim to support 50,000 first-time car owners with low-interest structured loans, backed by a ₦100 billion allocation.

As of mid-June 2025, more than 100,000 Nigerians—among them 35,000 civil servants—had received CrediCorp-backed credit for items like vehicles, solar systems, digital tools, and household goods. Notably, 64% of these users accessed formal credit for the first time.

Voices from the Field

A public school teacher from Kano shared that the credit scheme allowed her to purchase a solar power unit—eliminating frequent power outages and enabling her children to study into the evening. Similarly, in the car finance programme, a civil servant from Enugu noted that access to a laptop and motorbike improved both his official duties and side business.

These stories underscore how small loans can deliver substantial improvements in income, productivity, and quality of life—especially among informal-sector women who typically lack formal credit.

Challenges and Opportunities Ahead

Although strides are apparent, some analysts caution that cultural resistance to borrowing and fragile credit infrastructure could limit impact. As one commentator noted, many still view loans as last resorts, complicating acceptance of structured credit schemes. However, the programme addresses this by marrying financial education with on-the-ground, agent-led information campaigns, particularly through Sytiamo’s marketplace networks.

Furthermore, unlike unregulated borrowing, these loans require responsible repayment—thus offering an opportunity to build credit ratings aligned with CrediCorp’s mission to foster a national credit culture.

Linking to Broader Gender and Economic Initiatives

Nigeria has a history of women-focused empowerment programmes. National bodies like the National Council of Women’s Societies have promoted credit literacy and economic inclusion since the 1960s. Additionally, initiatives such as Tech Herfrica (founded in 2023) blend digital training and financial support to uplift women in underserved communities.

Lending to market women also recalls earlier efforts like Maryam Babangida’s Better Life Programme (1987), which had championed rural women’s access to finance, education, and health resources. By connecting microfinance, group-lending, and modern banking systems, the current initiative continues a decades-long push toward sustained economic empowerment for women.

What to Expect Next

• Scaling to 224 Markets: Expansion will cover every state and FCT, greatly increasing reach beyond the initial Ariaria hub.

• Digital Literacy & Financial Training: Partners like Sytiamo also offer training in budgeting, savings, and loan management—prerequisites for long-term success.

• Reporting and Credit Accountability: CrediCorp aims to build a robust credit history ecosystem, anchoring loans in transparency and reducing non-performing risks.

• New Product Pathways: As confidence grows, schemes may expand to cover housing, education, and green energy products—similarly to existing S.C.A.L.E and vehicle credit products.

The Bottom Line

This ₦100,000 inventory loan programme represents a strategic and compassionate effort to uplift market women—key contributors to Nigeria’s economy. By pairing affordable credit with organizational capacity building and digital tools, it serves as a model of inclusive finance. Furthermore, it aligns seamlessly with past and ongoing policies aimed at economic empowerment—especially for women in low-income and informal sectors.

Most importantly, by combining accessible credit with financial literacy and cultural shifting, the programme stands to create more than business growth. It builds dignity, independence, and long-term resilience for the women who form the backbone of Nigeria’s informal markets.